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The three internet-only banks are increasing the number of automatic transfer and payment service registrations. We are striving to secure a primary bank position closely related to daily finance by targeting various automatic transfer demands such as apartment management fees and communication fees.
According to the industry on the 13th, the number of Kakao Bank automatic transfer registrations exceeded 50 million in the third quarter of this year. The number of Kakao Bank automatic transfer registrations has continued to rise, increasing by an average of 9 million per year, starting from 15.98 million in 2020. The number of automatic transfer registrations, which reached 43.87 million last year, increased by about 9 million to 52.72 million in the third quarter of this year, and the number of annual increases continues to increase.
Kakao Bank recently revamped its automatic transfer function and saw a sharp increase in the number of registrations. Kakao Bank added the ‘Import Direct Transfer’ function to improve convenience by allowing you to check automatic transfers scattered across other financial institutions at once and transfer desired automatic transfers to Kakao Bank. To commemorate the reorganization, an event will be held until the 20th of this month to provide cashback of 500 won per transaction, up to 10,000 won, when transferring automatic transfers from other banks to Kakao Bank.
A Kakao Bank official explained, “Comparing the end of October, when the event was held, to the same period the previous month, the number of automatic transfer registrations increased by 25%, and it is steadily gaining popularity thanks to improved convenience.”
Internet banks are trying to attract automatic transfer customers by emphasizing platform convenience. As of early November, the number of accounts registered for automatic payment at Toss Bank increased by about 50% compared to the same period last year. Toss Bank is seeing an increase in customer attraction as its ‘delinquency prevention’ service spreads through word of mouth.
The Toss Bank delinquency prevention service is the first service introduced in the banking sector in August 2022. It is a service that transfers the balance from a pre-registered other bank account to the Toss Bank account if the balance before automatic transfer, such as card payment, is insufficient in the Toss Bank account. The inflow of customers is increasing as word of mouth spreads about the feature that prevents credit rating from falling due to non-payment and various delinquencies due to customer mistakes.
As of early November, K Bank also nearly doubled the number of automatic transfer registrations compared to the same period last year. It is analyzed that the ‘Deposit/Withdrawal Reward Service’, which provides cash benefits with a reward card just for deposits and withdrawals, is gaining positive response from customers by providing additional benefits when registering automatic transfers.
The internet banking industry focuses on attracting demand for automatic transfers and payments that has been focused on commercial banks. The purpose is to promote the position of a main bank that provides regular transactions and daily financial services by attracting daily financial needs, such as various utility bills and communication expenses, to Internet banks.
An industry official said, “We are enabling convenient and intuitive automatic transfer registration and management to increase customer satisfaction in everyday financial life.” He added, “Thanks to improved convenience, the number of automatic transfer registrations is also steadily increasing.”
Reporter Jeong Da-eun [email protected]
